Category: Banking And Finance
-
Customers of collapsed microfinance companies to start receiving locked deposits today
The Bank of Ghana’s appointed receiver for the 347 collapsed microfinance companies, Eric Nana Nipah, will today start paying depositors whose claims have been validated and agreed. This follows the release of funds by the Government to the Receiver. A release issued by the receiver said over 420 personnel have been deployed across the country…
-
Bank of Ghana clears Barclays Bank over forex incident
The central bank has revealed that it reached an agreement with Barclays Bank, which was on Monday fined for breaching some forex trading conduct. Bank of Ghana earlier in the week fined the Barclays Bank GHC4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market. But a statement the banking regulator issued on…
-
Bank of Ghana considers review of minimum capital for MFIs
The Bank of Ghana (BoG) has said is considering a review of the minimum capital requirement for microfinance companies after it revoked the licences of more than 70 percent of them. The BoG, in a press release last Friday, notified the public of closure of 347 microfinance companies across the country – citing various…
-
Mitigate impact of microfinance companies clean-up on informal sector — Dr. Lord Mensah
Senior lecturer of the Department of Finance at the University of Ghana Business School, Dr. Lord Mensah, has called on the Bank of Ghana to as a matter of urgency put in place measures to ensure the recent clean up of the microfinance does not put a strain on the informal sector. According to Financial…
-
GCB Bank to expand operations through technology—Board Chairman
The Board Chairman of GCB Bank, Jude Kofi Arthur has stated that the bank will focus on expanding is operations through technology. According to him, even though GCB bank can boost of the largest number of branches in the country, it will however leverage on technology to further entrench its position as the leading bank…
-
Local suppliers in petroleum upstream sector cry over high cost of credit
Local suppliers in the Petroleum Upstream sector are asking commercial banks to review downwards the cost of credit. The companies complain most of the banks charge relatively higher rates on loan packages which affect their returns. The local suppliers in the Petroleum Upstream sector are businesses that provide various services to major oil companies that…
-
uniBank’s owners file injunction against sale of assets
The shareholders of uniBank have filed for an injunction against the auctioning of some assets of the bank by the Receiver, Nii Amanor Dodoo. This is after the Accra High Court judge presiding over the case in which the Directors of uniBank are contesting the revocation of the bank’s license appointed an arbiter, ex-Supreme Court…
-
Policy holders with ESICH Life Assurance to access claims soon
Policy holders with ESICH Life Assurance should expect to receive part of their locked up claims in the next 2 to 3 months. That is according to the regulator for the insurance sector in Ghana, the National Insurance Commission (NIC). The NIC back in October 2018, moved in to get customers of ESICH Life Assurance…
-
BoG ‘s clean-up is wake up call to our members — Microfinance umbrella body
The Executive Director of the Ghana Microfinance Institutions Network, Yaw Gyamfi, has stated that the Bank of Ghana’s recent revocation of the licenses of 347 microfinance organisations is a wakeup call especially to the outstanding 137 companies that survived the clean-up. Mr. Gyamfi speaking on the Citi Breakfast Show on Tuesday stated that there is…
-
Gov’t can’t pay full principal and interest to Microfinance customers – Financial Economist
A Financial Economist Dr, Lord Mensah has expressed doubt about the ability of the receiver of the now defunct 347 microfinance companies, to be able to pay all the affected depositors their full principals in addition to their interests. The Bank of Ghana (BoG) had earlier indicated that it had secured about one GHC 1 billion to…